A New Dawn For Stablecoins: Cap is Officially Live

August 18th, 2025

A new dawn for stablecoins has arrived and as the sun peaks over the horizon, the time has come for us to put our “caps” on. Cap is officially LIVE and users can start minting cUSD today, earning Caps in the process from Epoch 1 of our Frontier Program. For those who want to embark on the journey and participate in Frontier, a step by step tutorial is at the bottom of the article.

A Year of Preparation

A year ago, Cap was just an idea. A bold framework for how yield could be generated for stablecoins, and a massive evolution of what was possible on EigenLayer and Symbiotic.

In order to build Cap, we gathered a team of DeFi veterans from Beefy Finance, Frax Finance, Redacted/Dinero, QiDao, and Stanford. Our builders have previously created the most used onchain yield products. These products have held billions of dollars of TVL, servicing 500k+ MAU over several years, all without security incidents.

Building Cap was not a simple task. Our team spent 12 months building and auditing Cap. Experts from Trail of Bits, Spearbit, Zellic, Sherlock, Recon, Symbiotic, and Mellow reviewed our codebase. In the most recent audit, over 600 submissions were made to our codebase by competitive auditors. No severe bugs were found.

In the past year, we’ve gained support from TradFi giants such as Franklin Templeton, Susquehanna Crypto, IMC Trading, and Flow Traders. The collective AUM of our backers exceeds 2 trillion dollars.

On the eve of our launch, we’ve assembled institutional operators, major restaking protocols, and blue chip DeFi protocols. These integrations include Chainlink, Aave, Pendle, Morpho, Euler, and Redstone.

Despite the impressive milestones the team has accomplished in the last year, the most important one is up ahead: going to market and transforming the landscape of stablecoins.

ReCap and Resources

Cap is a stablecoin protocol that provides credible financial guarantees via two products: the dollar-denominated cUSD and the yield-bearing stcUSD.

cUSD

cUSD is a digital dollar issued on the Ethereum blockchain that can be used on any blockchain. cUSD is backed by Cap’s Stablecoin Network, a network of blue chip dollar assets issued by regulated institutions with transparent attestations. It is 1:1 redeemable for any of the available reserve assets.

stcUSD

stcUSD is a savings product issued by staking cUSD. Yield is generated via an autonomous layer of regulated financial institutions, or operators, who self-select in and out based on the current hurdle rate of the protocol. The risk of yield generation is covered, meaning users have full downside protection that is verifiable by code.